In this article, we will discuss some of the notable stocks in the spotlight today. To take a look at some more stocks that are trending, go to Why These 5 Stocks Are in the Spotlight on Monday.
The S&P 500 Index is up 0.05%, while the Dow 30 and the NASDAQ Composite Index are down 0.3% and 0.4%, respectively, as of 11:59 AM ET. Popular companies like Meta Platforms, Inc. (NASDAQ:FB), ImmunoGen, Inc. (NASDAQ:IMGN), and Coinbase Global, Inc. (NASDAQ:COIN) were seen capturing investors’ attention today.
Let’s discuss the reasons the stocks are trending today and look at how hedge funds are positioned in them.
Photo by Jeremy Bezanger on Unsplash
10. The Boeing Company (NYSE:BA) is down 4.3% as of 9:30 AM ET after one of its 737 planes under the ownership of China Eastern Airlines carrying 132 people crashed in the Chinese province of Guangxi earlier today. Following this development, China’s President Xi has ordered an investigation into the possible reasons for the jet crash. Furthermore, China Eastern Airlines has announced that it will ground all Boeing 737 jets from Tuesday. The Federal Aviation Administration (FAA) has stated that the incident has come into their knowledge, and they are willing to assist in the investigation. Of the 924 hedge funds in Insider Monkey’s database, 50 funds had a holding in The Boeing Company (NYSE:BA) as of Q4 2021.
9. Manchester United plc (NYSE:MANU) is 3.8% in the green as of 9:33 AM ET following an upgrade from a Hold to a Buy rating by Connor Murphy at Deutsche Bank. The analyst has given the stock a target price of $18, reflecting a potential upside of over 36% from the last closing price. Murphy has cited the depressed valuation as the primary reason for the upgrade and the target price. Currently, Manchester United plc (NYSE:MANU) stock is trading at a P/E multiple of 13.1x, which is at the lower end of the sports and live events comparable group. The number of hedge funds invested in Manchester United plc (NYSE:MANU) stock stands at 12 as of Q4 2021. Ariel Investments is the leading hedge fund investor in the company, with a stake worth over $10 million.
8. Schlumberger Limited (NYSE:SLB) has gained 3.2% as of 9:36 AM ET following news that the EU is considering imposing a ban on European crude oil. Furthermore, the Houthi group attacked Saudi oil facilities over the weekend. This has increased crude oil prices by $3 per barrel, with the Brent crude benchmark crossing the $111 per barrel level due to supply-related concerns. Oilfield Equipment and services companies like Schlumberger Limited (NYSE:SLB) have already exited the Russian market and will benefit from a ban as they will be brought in by E&P companies on new sites. Overall, 47 hedge funds held a stake in the Houston, Texas-based company as of Q4 2021. Jean-Marie Eveillard-led First Eagle Investment Management is the biggest hedge fund investor in the company with a stake valued at $803.5 million.
7. BlackBerry Limited (NYSE:BB) has increased by 5.5% as of 9:44 AM ET after The Waterloo, Ontario-based company was upgraded from Underperform to Sector Perform rating by Paul Treiber at RBC Capital Markets. The analyst highlighted that the software company is still in the middle of a turnaround and is not in the safe zone yet. However, the valuation of BlackBerry Limited (NYSE:BB) reflects the short-term fundamentals, opportunities, and potential risks. Treiber pinpointed that the stock is currently trading at a multiple of 4.1 times forward 12 months enterprise value to sales. This is half of 8.2 times for its competitors in the cybersecurity industry. Meanwhile, the stock has traded at an average forward multiple of 4.5 times in the last five years. At the end of Q4 2021, 15 hedge funds reported owning a stake in BlackBerry Limited (NYSE:BB).
6. Anaplan, Inc. (NYSE:PLAN) has risen 27.5% as of 9:50 AM ET following the announcement that the business planning software company will be acquired by private equity firm Thoma Bravo in an all-cash deal of $66 per share, valuing the San Francisco, California-based company at around $10.7 billion. The offer reflects a premium of more than 30% from the last closing price. Following the completion of the deal, Anaplan, Inc. (NYSE:PLAN) will transform into a privately held company. Out of the 924 hedge funds tracked by Insider Monkey, 47 funds had a holding in Anaplan, Inc. (NYSE:PLAN) at the end of Q4 2021.
In addition to Anaplan, Inc. (NYSE:PLAN), some of the companies going through significant changes in stock price include Meta Platforms, Inc. (NASDAQ:FB), ImmunoGen, Inc. (NASDAQ:IMGN), and Coinbase Global, Inc. (NASDAQ:COIN).
Click to continue reading and see Why These 5 Stocks Are in the Spotlight on Monday.
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Disclose. None. Why These 10 Stocks Are in the Spotlight on Monday is originally published on Insider Monkey.
